Caterpillar – IRG Secures Acquisition of 1.4 M Sq. Ft. Former Caterpillar Site in Chicago Area | News
LOS ANGELES, April 16, 2021 /PRNewswire/ — Industrial Realty Group, LLC, one of the country’s largest owners of commercial and industrial properties, announced today that it has acquired a 1.47 Million square foot industrial site just outside of the Chicago suburb of Joliet, in Rockdale, Illinois.
“We are certainly in a period of expansion, primarily as a result of our recent bond offering through Goldman Sachs,” said John Mase, Chief Executive Officer of IRG. “This is an exciting opportunity to combine IRG’s core competencies and convert a former Caterpillar facility from a single-tenant manufacturing facility to a multi-tenant complex capable of accommodating warehouse, distribution and manufacturing users.”
The 69-acre property includes several buildings along the Des Plaines River. The largest building is 1.3 million square feet with 65,384 square feet of office space. The site was the former home of Caterpillar’s hydraulic manufacturing operations.
“It’s very well-positioned in southwest Chicago’s Will County, home of the nation’s largest inland port,” said Peter Goffstein, Senior Vice President. “The project’s potential for rail and barge access is unique in the market, and we anticipate seeing various sized tenants taking substantial portions of the main building.”
IRG will begin renovations and marketing immediately and is already in discussions with a number of potential tenants.
This transaction comes a month after IRG announced that the company (IRG Industrial, LLC) had received its inaugural, investment-grade credit rating and issued $335 Million of USPP bonds, providing new capital to recapitalize assets and expand its industrial holdings in major U.S. markets.
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America’s most difficult real estate challenges. Learn more at www.industrialrealtygroup.com.
For more information, contact:
Lauren Crumrine, Director of Marketing
Industrial Realty Group, LLC
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SOURCE Industrial Realty Group, LLC